Ashok Leyland Ltd.

•

ashokleyland.comBSE: 500477NSE: ASHOKLEY

Market Cap₹ 98,152 Cr.

Current Price

High / Low₹ 215 / 132

Stock P/E27.4

Book Value₹ 23

Price to Book6.90

Dividend Yield2.09 %

ROCE36.6 %

ROE29.0 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Commercial Vehicles: 82.4% • Spare Parts & Others: 9.9% • Engines & Gensets: 3.2%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 36.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 30.7%
Company has delivered good sales growth of 23.5% CAGR over last 5 years
Operating margins have improved to 12.8% from 8.3%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.59x)

CONS

Valuation is stretched - P/E of 27.4 is well above its own 5-year median (9.6)
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 6.9x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesAutomobiles-Trucks/Lcv

Part ofNIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTYMIDCAP150 NIFTY MIDCAP 50 NIFTY MNC

S.No.	Name
1.	TMCV	444.75	39.08	163792.06	0.90	25560.00	1729.63	206670.00	1092.97	31.55	15.95
2.	ASHOKLEY	167.10	28.24	98152.11	2.09	667.77	1.53	13069.59	12.12	14.10	18.49
3.	FORCEMOT	17378.65	18.29	22898.56	0.29	216.59	22.81	2440.01	6.21	41.93	13.63
4.	OLECTRA	1205.65	55.78	9896.06	0.05	26.66	2.44	575.51	65.75	21.12	12.29
5.	SMLMAH	6551.25	60.61	9480.74	0.36	63.62	-4.99	957.54	13.20	31.21	10.45

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	8,152	9,592	9,231	11,219	8,561	8,728	9,436	11,857	8,681	9,538	11,478	14,075	9,634
	7,369	8,558	8,159	9,675	7,688	7,752	8,267	10,116	7,755	8,426	9,999	12,095	8,889
Operating Profit	783	1,033	1,072	1,545	873	977	1,169	1,742	927	1,112	1,479	1,980	745
OPM %	9.61%	10.77%	11.61%	13.77%	10.20%	11.19%	12.39%	14.69%	10.67%	11.66%	12.88%	14.07%	7.73%
	51	25	29	48	22	215	25	92	53	95	-249	68	85
Interest	70	59	62	59	59	61	50	47	42	42	44	42	42
Depreciation	179	180	178	180	173	175	192	179	183	172	177	183	183
Profit before Tax	622	865	903	1,401	701	996	994	1,657	798	1,043	1,064	1,909	830
Tax %	7.34%	35.17%	35.79%	35.75%	25.07%	22.67%	23.35%	24.82%	25.57%	26.05%	25.22%	26.42%	26.63%
Net Profit	576	561	580	900	526	770	762	1,246	594	771	796	1,405	609
	1.96	1.91	1.98	3.07	0.89	1.31	1.30	2.12	1.01	1.31	1.36	2.39	1.04

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	20,140	26,356	29,055	17,467	15,301	21,688	36,144	38,367	38,753	44,007	44,725
	17,945	23,396	25,965	16,294	14,775	20,699	33,213	33,760	33,822	38,279	39,409
Operating Profit	2,195	2,960	3,090	1,174	527	989	2,931	4,607	4,931	5,728	5,316
OPM %	10.90%	11.23%	10.63%	6.72%	3.44%	4.56%	8.11%	12.01%	12.72%	13.02%	11.89%
	-191	171	99	-32	116	592	201	153	354	-29	-1
Interest	155	147	70	109	307	301	289	249	217	170	169
Depreciation	518	598	621	670	748	753	732	718	719	715	715
Profit before Tax	1,330	2,386	2,497	362	-412	528	2,110	3,792	4,348	4,814	4,846
Tax %	8.05%	28.00%	20.57%	33.82%	23.85%	-2.70%	34.60%	30.97%	24.03%	25.93%	26.11%
Net Profit	1,223	1,718	1,983	240	-314	542	1,380	2,618	3,303	3,566	3,581
EPS	4.24	5.85	6.76	0.82	-1.07	1.84	4.70	8.92	11.25	6.07	—
Dividend Payout %	36.30%	41.41%	45.89%	61.28%	-56.15%	54.18%	55.31%	55.52%	55.56%	57.66%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 24%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: —
3 Years:: 37%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 22%
3 Years:: 22%
1 Year:: 24%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 23%
3 Years:: 31%
Last Year:: 29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	285	293	294	294	294	294	294	294	294	587
	5,815	6,884	8,032	6,947	6,641	7,005	8,094	8,477	11,184	12,526
	1,794	1,095	770	3,392	4,009	3,509	3,155	1,950	1,469	1,332
Trade Payables	3,117	4,888	5,019	3,037	5,165	6,875	7,175	6,305	7,305	8,329
	3,029	4,177	4,110	2,719	2,341	2,650	3,873	6,586	5,274	5,819
Total Liabilities	14,040	17,336	18,224	16,390	18,450	20,334	22,592	23,612	25,526	28,594
	4,971	5,548	5,615	6,804	7,050	6,601	6,304	5,952	5,845	6,389
Capital Work in Progress	158	234	275	421	229	111	49	96	277	210
	2,879	5,607	2,636	2,720	3,069	4,820	6,664	5,560	8,673	10,679
	2,631	1,758	2,685	1,238	2,142	2,075	2,774	3,191	2,957	3,486
	0	0	0	0	0	0	0	3,570	2,887	2,950
Cash & Bank	912	1,042	1,374	1,322	823	1,047	501	3,438	2,706	2,977
	2,490	3,147	5,640	3,885	5,137	5,680	6,299	1,806	2,180	1,902
Total Assets	14,040	17,336	18,224	16,390	18,450	20,334	22,592	23,612	25,526	28,594

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,502	6,070	198	1,035	-57	2,576	2,536	2,503	7,819	4,792
Cash from Investing	-1,477	-3,429	2,311	-2,177	-975	-1,459	-1,735	902	-4,078	-3,205
Cash from Financing	-1,372	-2,091	-1,616	1,149	206	-724	-940	-1,917	-3,024	-2,217
	-694	123	333	-87	-748	464	-539	1,488	718	-630

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
51.52	51.52	51.52	51.52	51.52	51.51	51.51	51.51	51.51
22.03	24.39	24.09	23.50	23.85	24.32	24.41	24.57	20.67
14.12	12.34	13.04	14.06	13.88	13.59	13.73	13.06	15.75
0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
12.25	11.65	11.28	10.84	10.68	10.50	10.28	10.79	11.99

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet

2026-09-01

Monthly Business Updates

2026-09-01 - Ashok Leyland Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Ashok Leyland Limited has informed the Exchange about Transcript

2026-08-17

Shareholders meeting

2026-08-17 - Ashok Leyland Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 14, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-14

Shareholders meeting

2026-08-14 - Ashok Leyland Limited has informed the Exchange regarding summary of Proceedings of Annual General Meeting held on August 14, 2026

2026-08-14

Acquisition

2026-08-14 - Ashok Leyland Limited has informed the Exchange about Acquisition

2026-08-14

General Updates

2026-08-14 - Ashok Leyland Limited has informed the Exchange about General Updates on rotation on Statutory Auditors

2026-08-14

Outcome of Board Meeting

2026-08-14 - Ashok Leyland Limited has submitted to the Exchange, the unaudited financial results for the period ended Jun 30, 2026.

News

Recent coverage and analyst commentary for ASHOKLEY

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AI Stock Analyst

Ashok Leyland Ltd.

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Free 5nance Account

Name

TMCV

444.75

39.08

163792.06

0.90

25560.00

1729.63

206670.00

1092.97

31.55

15.95

ASHOKLEY

167.10

28.24

98152.11

2.09

667.77

1.53

13069.59

12.12

14.10

18.49

FORCEMOT

17378.65

18.29

22898.56

0.29

216.59

22.81

2440.01

6.21

41.93

13.63

OLECTRA

1205.65

55.78

9896.06

0.05

26.66

2.44

575.51

65.75

21.12

12.29

SMLMAH

6551.25

60.61

9480.74

0.36

63.62

-4.99

957.54

13.20

31.21

10.45

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

8,152

9,592

9,231

11,219

8,561

8,728

9,436

11,857

8,681

9,538

11,478

14,075

9,634

7,369

8,558

8,159

9,675

7,688

7,752

8,267

10,116

7,755

8,426

9,999

12,095

8,889

Operating Profit

783

1,033

1,072

1,545

873

977

1,169

1,742

927

1,112

1,479

1,980

745

OPM %

9.61%

10.77%

11.61%

13.77%

10.20%

11.19%

12.39%

14.69%

10.67%

11.66%

12.88%

14.07%

7.73%

215

-249

Interest

Depreciation

179

180

178

180

173

175

192

179

183

172

177

183

Profit before Tax

622

865

903

1,401

701

996

994

1,657

798

1,043

1,064

1,909

830

Tax %

7.34%

35.17%

35.79%

35.75%

25.07%

22.67%

23.35%

24.82%

25.57%

26.05%

25.22%

26.42%

26.63%

Net Profit

576

561

580

900

526

770

762

1,246

594

771

796

1,405

609

1.96

1.91

1.98

3.07

0.89

1.31

1.30

2.12

1.01

1.31

1.36

2.39

1.04

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

20,140

26,356

29,055

17,467

15,301

21,688

36,144

38,367

38,753

44,007

44,725

17,945

23,396

25,965

16,294

14,775

20,699

33,213

33,760

33,822

38,279

39,409

Operating Profit

2,195

2,960

3,090

1,174

527

989

2,931

4,607

4,931

5,728

5,316

OPM %

10.90%

11.23%

10.63%

6.72%

3.44%

4.56%

8.11%

12.01%

12.72%

13.02%

11.89%

-191

171

-32

116

592

201

153

354

-29

-1

Interest

155

147

109

307

301

289

249

217

170

169

Depreciation

518

598

621

670

748

753

732

718

719

715

Profit before Tax

1,330

2,386

2,497

362

-412

528

2,110

3,792

4,348

4,814

4,846

Tax %

8.05%

28.00%

20.57%

33.82%

23.85%

-2.70%

34.60%

30.97%

24.03%

25.93%

26.11%

Net Profit

1,223

1,718

1,983

240

-314

542

1,380

2,618

3,303

3,566

3,581

EPS

4.24

5.85

6.76

0.82

-1.07

1.84

4.70

8.92

11.25

6.07

—

Dividend Payout %

36.30%

41.41%

45.89%

61.28%

-56.15%

54.18%

55.31%

55.52%

55.56%

57.66%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

285

293

294

587

5,815

6,884

8,032

6,947

6,641

7,005

8,094

8,477

11,184

12,526

1,794

1,095

770

3,392

4,009

3,509

3,155

1,950

1,469

1,332

Trade Payables

3,117

4,888

5,019

3,037

5,165

6,875

7,175

6,305

7,305

8,329

3,029

4,177

4,110

2,719

2,341

2,650

3,873

6,586

5,274

5,819

Total Liabilities

14,040

17,336

18,224

16,390

18,450

20,334

22,592

23,612

25,526

28,594

4,971

5,548

5,615

6,804

7,050

6,601

6,304

5,952

5,845

6,389

Capital Work in Progress

158

234

275

421

229

111

277

210

2,879

5,607

2,636

2,720

3,069

4,820

6,664

5,560

8,673

10,679

2,631

1,758

2,685

1,238

2,142

2,075

2,774

3,191

2,957

3,486

3,570

2,887

2,950

Cash & Bank

912

1,042

1,374

1,322

823

1,047

501

3,438

2,706

2,977

2,490

3,147

5,640

3,885

5,137

5,680

6,299

1,806

2,180

1,902

Total Assets

14,040

17,336

18,224

16,390

18,450

20,334

22,592

23,612

25,526

28,594

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

2,502

6,070

198

1,035

-57

2,576

2,536

2,503

7,819

4,792

Cash from Investing

-1,477

-3,429

2,311

-2,177

-975

-1,459

-1,735

902

-4,078

-3,205

Cash from Financing

-1,372

-2,091

-1,616

1,149

206

-724

-940

-1,917

-3,024

-2,217

-694

123

333

-87

-748

464

-539

1,488

718

-630

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

51.52

51.51

22.03

24.39

24.09

23.50

23.85

24.32

24.41

24.57

20.67

14.12

12.34

13.04

14.06

13.88

13.59

13.73

13.06

15.75

0.07

12.25

11.65

11.28

10.84

10.68

10.50

10.28

10.79

11.99

Ashok Leyland Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Ashok Leyland Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI